AT&T Receives Most Effective Finance Organization Recognition

Dallas, Texas, August 22, 2013

Proformative, a leading community of CFOs, today recognized AT&T and CFO John Stephens with its award for the 2013 Most Effective Finance Organization. The award honors the finance organization that has led its company to the highest levels of performance in risk management and/or top line growth while maximizing the productivity of every team member and exhibiting exemplary personal and professional traits.

AT&T has been recognized for its ambitious plan to increase cash flow by reducing the company’s working capital requirements. The finance organization has led this effort by collaborating with groups across all of AT&T. Led by a commitment from John Stephens, managing working capital is now ingrained in AT&T’s culture. As a result, AT&T has already reduced working capital by more than 35 percent. And by the end of 2013, the company expects to reduce working capital by a total of more than 50 percent from its 2011 starting point.

“I’m proud to lead AT&T’s finance group and be part of our great management team,” said John Stephens, AT&T senior executive vice president and CFO. “Together we’re committed to driving value for our shareholders, including by managing AT&T’s working capital as it if were our own money.”

*AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.

About AT&T

AT&T Inc. (NYSE:T) is a premier communications holding company and one of the most honored companies in the world. Its subsidiaries and affiliates – AT&T operating companies – are the providers of AT&T services in the United States and internationally. With a powerful array of network resources that includes the nation’s largest 4G network, AT&T is a leading provider of wireless, Wi-Fi, high speed Internet, voice and cloud-based services. A leader in mobile Internet, AT&T also offers the best wireless coverage worldwide of any U.S. carrier, offering the most wireless phones that work in the most countries. It also offers advanced TV services under the AT&T U-verse® and AT&T |DIRECTV brands. The company’s suite of IP-based business communications services is one of the most advanced in the world.

Cautionary Language Concerning Forward-Looking StatementsInformation set forth in this press release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.